BROADWEST (former West End Summit), 36 story Conrad Hilton Hotel/condo tower, 22 story/510,000 sq. ft. office tower, 4 story/125,000 sq. ft. retail/office, 1 acre plaza, 2,500 car garage, $490 million

[bigeasy]

Things are not sounding good from what I have been reading on SSC. The rumor posted on there is that Palmer did not get his loan even though 80% is pre-leased. He then went to HCA asking for them to pay for some of the construction, and they said no.

[smeagolsfree]

My take is this. Construction cost around 300 million. Bank wants anywhere from 10 to 30 % down which is 30 to 100 million. Palmer does not have the cash. He needs a financing partner. That is probably how it is not financed. He has sold a number of his holdings I think. One was in Maryland Farms and the other in Burton Hills. I think that was several years ago and he has not had a major project since then. I am not sure but I think that only leave Palmer Plaza and Denver's FBI facility. He may have a couple of others I don't know about. Unless he can raise the required capital somewhere, it is conceivable it could be in major trouble. The tax assistance from Metro was for HCA not Palmer.

 

Now this is MHO, however I am going off of memory and some of you may have more knowledge, so please correct any info that is not correct and accept my apologies.

[satalac]

Poor Alex.I bet he retires after this.

[smeagolsfree]

Enough to give you headaches and hemorrhoids for sure.

 

Here is the current portfolio of properties. There are a few more than I thought.

 

http://www.aspcompany.com/properties/almeda.htm

[dmillsphoto]

I honestly wouldn't show my face or attempt any projects locally after this, if it is indeed correct. 13 years is a long time - we lost the twin towers and rebuilt 1776' in it's place in that timeframe. I know Nashville isn't New York, and WES isn't the WTC, but still...

Enough to give you headaches and hemorrhoids for sure.

 

Here is the current portfolio of properties. There are a few more than I thought.

 

http://www.aspcompany.com/properties/almeda.htm

 

Even with that he has left, would he be able to raise that much dough to bring to the table and make a living for ASP? 

[MLBrumby]

I have also heard from knowledgeable sources that he is having trouble with this project. I've even heard it's less than 50/50 that it gets built.  In just a few days, it will be a year since Palmer's big announcement of the HCA leases.  At the time, it seemed that these were finally going to get built. 

[bhibbs]

This may be a dumb question, but, what exactly happens with this land if his deal falls through?

 

[arkitekte]

This may be a dumb question, but, what exactly happens with this land if his deal falls through?

 

 

More than likely nothing other than Palmer selling it, which would be him pretty much calling it quits.  I don't see the city forcing him to fill up his hole either as long as he has it properly secured. 

 

If he didn't have the money a few years back, he for sure as hell doesn't have it now; even if he has signed tenants. 

[nashwatcher]

Any chance HCA goes downtown if this falls through?

[dmillsphoto]

Any chance HCA goes downtown if this falls through?

 

Or OneC1ty... One of the big things SCRI/Parallon wanted was individual signage. Hence why they liked the two-tower design instead of consolidating into one.

[bhibbs]

So, in the short term (and probably long term) we would be relegated to Lake Palmer all over again?
....sad to think about.

[dxfret]

It has been almost ONE FULL YEAR since Alex Palmer announced the deal with HCA.  

 

The announcement press release was dated September 27, 2012  and NOTHING has happened.  

 

I'm guessing HCA is wishing they had selected a developer with a more solid track record than Alex Palmer & Co.

[dmillsphoto]

 

 

I'm guessing HCA is wishing they had selected a developer with a more solid track record than Alex Palmer & Co.

 

Them is some fightin' words! But... 

[satalac]

This may be a dumb question, but, what exactly happens with this land if his deal falls through?

 

Dolly Parton's waterpark makes a new appearance.

[FromParkAveToTN]

Do you guys think that adding the hotel component to this project is what is causing it to possibly not get built? I'm wondering if he takes away the hotel portion if he as enough to get started?

[dmillsphoto]

Do you guys think that adding the hotel component to this project is what is causing it to possibly not get built? I'm wondering if he takes away the hotel portion if he as enough to get started?

 

Interesting thought... but I think he needs a co-developer. Going back to the debate of TG vs. AP and which has suffered a greater hit to their reputations - this will probably put ASP under. At least TG knows when to get a co-dev involved (Novarre, Magellan, etc) in order to complete a project. Actually, outside the Metro Gov, has any developer local to Nashville financed a project worth more than $100M without a partner?

[barakat]

Surely the local media will seek out an update on WES soon, I'm surprised no one has already.

[MidTenn1]

Dolly Parton's waterpark makes a new appearance.

 

Breaking news; Latest Renderings are out!

 

[nashvillwill]

^^^As an environmentalist, I really hope those are native Tennessee palm trees.

And for the sake of ParkAve, I hope she plans to include a bergerdorf vermache italia as a retail component.

[ariesjow]

I'd prefer the name Nashville Shores at Midtown. If Palmer included the world's tallest water slide, we could still get a new skyline addition out of it. 

Edited September 9, 2013 by ariesjow

[BnaBreaker]

Incredibly disappointing.  I knew I shouldn't have put any faith in Palmer.

[UTgrad09]

Breaking news; Latest Renderings are out!

 

LMAO

That's awesome. I mean...really awesome. I wish I could give you a high five through the internet.

Sweet....we'll have the only urban beachfront in Middle America!

Nashville: where Branson meets Myrtle Beach

[dxfret]

Indeed, the news media needs to report on what's not happening with the West End Summit.  With the quickly approaching one-year anniversary of Palmer's big announcement of landing HCA, it's time for him to go public on exactly why construction has not started.  

[MLBrumby]

Methinks Mr. Palmer is being mocked.

[fieldmarshaldj]

Yay ! This means next year's yachting regatta at Lake Palmer is back on !